The Board of Directors of NASCON Allied Industries Plc authorized a merger plan with Dangote Sugar Refinery Plc. and Dangote Rice Limited on Thursday, July 28, 2023, subject to regulatory and shareholder clearances.
According to Nairametrics, the announcement followed a previous report from a planned annual general meeting to discuss the proposed merger.
The Unaudited Financial Statements for the second quarter ended June 30, 2023, were also approved at the Board meeting in Lagos.
The Company will maintain its Closed Period as usual until 24 hours following the submission of the authorized Unaudited Financial Statements.
Insiders are forbidden from trading in NASCON’s stocks during this Closed Period if they have sensitive knowledge that could significantly affect the value of the company’s securities.
If the proposed merger with Dangote Sugar Refinery and Dangote Rice Limited is successful, it might transform the Nigerian food sector by forming a powerful food conglomerate.
All three businesses are a component of the wider Dangote Group, one of Africa’s largest industrial giants.
At this moment, additional information on the merger has not been made public. Regulators, however, are anticipated to examine the agreement in great detail to make sure it does not hurt competition in Nigeria’s food sector.
The shareholders of NASCON, Dangote Sugar Refinery, and Dangote Rice Limited will have the last say on the combination when regulatory permissions have been given.
In addition to approving the business’s unaudited financial accounts for the second quarter ended June 30, 2023, the board of directors of the firm met on July 28, 2023, and following that meeting, released a statement with the announcement.
The company reported a 212% increase in profit after tax from N1.3 billion in 2022 to N4.1 billion in 2023, and a 48% increase in turnover from N14.3 billion in 2022 to N21.2 billion in 2023, per the statement.
